Problem
Credit cards are used in selling and buying goods and services even though one has no cash. The companies that issue credit cards have adopted new technologies in content delivery over wireless devices. This card is much faster, scalable, and more secure when carrying money and surpasses other technologies that help one carry money and help one carry out transactions. Most people are now using credit cards as a means of banking or carrying money in other words any person can have access to credit and money through their credit card. This assists them in paying their bills and can carry banking transactions using the card. Its use has many challenges to the society as encourages careless spending to holder such as encouraging impulse buying.
Various factors drive teachers in choosing a certain credit card as opposed to others. To begin with, the credit usage is highly dynamic and thus is consistently changing in line with diverse developments that crop up daily. Therefore, in order to fit in this highly competitive environment, credit card issuance companies are finding it better to broaden their perspectives with regard to the services and features that the card has. As a result, they have increased the features of their cards and offer quality services that enable them to attain higher customer numbers.
Objective
The main objective of the study is to develop demographic, psychographic and credit card usage profiles of teachers for credit card issuing companies. The paper will also identify features that will induce teachers to credit card offers.
Opinion
Credit cards and associated networks are recognized as hi-tech means of carrying money for consumers and to easily, economically and efficiently access credit opportunities that help them accomplish their needs. In parallel, it also invites fraudsters to grab excellent opportunities to become rich by using stolen cards. As credit card is growing explosively, credit card and identity theft present fraudulent planners to enrich themselves. The misuse of credit cards is also an extended action that subsisted long before the current financial crisis occurred. Misuse of credit cards is an immoral practice of buying things beyond one’s financial ability, which one is unable to pay later. The current financial crisis was a result of this misuse, people who owned credit cards used them to the point that they were unable to pay for them.
These misuses are continually threatening financial institutions and credit card providers. It will not be surprised when people will lose faith in credit cards in future if proper measures are not taken to curb this consumer behavior. The use of credit cards is booming in every sphere of life. It is an affluent media to quick and easy buying of goods.
Areas of strength
Identifying the sample size for demographic profile is easy as it is from one class of people only. It will then discuss the findings obtained from the survey’s main points, namely Need Recognition, Information Research, Evaluation of Alternatives, and Purchase Decisions.
The desire to emulate the image, behavior, or an achievement of previous users does influence teachers’ decision to acquire a credit card. This may be driven by the desire for constructing a self-image that is resonant with that of the previous users or celebrity in the advertisement of the card. This will clearly lay down the choice of effective utilization of advertisement mode in promotion of the card and brand image when targeting teachers. This shows the need for understanding teacher decision drivers, which are different for different demographics of age, gender, socio-economic background and ethnicity (Jobber and Fahy, 96).
According to the survey finding, majority of the respondents indicated that their selection of credit cards was dictated by features of the card has. They also sought approval from friends or respectable family members before deciding to acquire credit cards. On the other hand, majority of them indicated that they received positive influence from friends or relatives when deciding on acquisition of credit card.
Areas of concern
The greatest dilemma is a significant issue of economic conditions that dictate how people will use credit cards in future. For decades, credit has been the most powerful tool in helping people in consumption, in almost all aspects, particularly purchase of consumables when one has no money. But stagflation, unemployment and credit crisis are creating changes in the economic structure and affecting the use and honoring of credit cards.
Another area of concern is that the researcher can’t extend the study to cover the massive number of people, because they are widespread and living in many countries as well as different regions which are not easily reached for the purpose of this survey. However, the teachers constitute a good sample and representation which provides a reliable outcome.
Recommendation
Therefore credit card is considered as strategic weapons for consumers in the improvement of their lives. Some researchers continuously exploring credit cards and their opportunities in the world today. However, there are still challenges for credit cards such as the misuses, identity theft, affecting economic development of the country, and awkward to use. Credit card usage is growing at a rapid speed and is expected to represent a bigger share of the total transactions than it is representing at the moment. Inflation and credit card crisis remain the two key areas that are greatly affected by credit card usage. The emergence of credit cards has also created healthy competition in the economy which is forcing credit card issuance firms to enhance the quality of services and also reduce the commission charged in order to survive competition. Firms operating without recognizing the importance of credits are also forced to adjust their operations as a response to the competition resulting from the credit card usage.
Conclusion
Credit cards have emerged as the latest means of helping people execute transactions in the marketplace even they do not have cash. Although it was originally introduced as a means of accessing your money over networks in an easier manner, its introduction has spread the benefits of running fostering economic growth. Although credit card plays important role in helping people carry out transactions particularly in consumption, account reviews, bill payment, and many others, it should be managed. Through credit cards, retail businessmen and consumers are given a chance to pay for their orders and bills on spot even without money. Credit card is also important for travelers as one can access his/her money throughout the world. Credit cards are used to refer to the growing practice in financial and promotional activities through offering credit facilities. Credit card is commonly used for payment transactions through credit wherein the customer can choose to respond to an offer. Credit card enhances services and it continuously growing in different parts of the world. In terms of technical aspect, Credit card has several limitations such as usability, misuse, and they usually encountered problems in terms of security. All other related technologies associated with Credit cards lacked innovation and the ability to attract users. Credit card displays difficulties in some transactions such as ineffective way in billing their services. More and more, people are getting credit cards as they adopted high usage of financial services wherein credit facilities are almost considered as dangerous economic development.
Works cited
Jobber, David and Fahy, John, Foundations of marketing. New York: McGraw-Hill Higher Education, 2006.